JC Penney CEO Soltau to exit, search for new chief begins

By

Sandra Halliday

Published
Dec 31, 2020

American department stores giant JC Penney Co said Wednesday that new owners Simon Property Group and Brookfield Asset Management, along with strategic partner Authentic Brands Group, have begun a search for a new chief executive officer to replace Jill Soltau.

Soltau joined the under-pressure retailer around two years ago and will leave the company almost immediately, on December 31.

The owners said the search “will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JC Penney”.

Few other details were available but the release also said that “with a successful track record of turning around retailers and brands and restoring them to profitability, JC Penney’s new ownership group will establish a temporary office of the CEO to include key members of [the] current leadership team”. 

That means Stanley Shashoua, Simon Property’s Chief Investment Officer, will be appointed interim CEO from January 1.